What a Successful House Flipper Looks Like

The debate rages on. To flip or not to flip – house flipping has its detractors and its fans. There’s no question that house flipping can be incredibly lucrative – but that doesn’t mean that everyone can do it and do it well.

There are key skills involved in successful house flipping – and those who master them can make a very nice living. While no one is saying it’s easy (except maybe infomercials and house flipping shows) – it can be made easier when you master these key components of the profitable flip.

What the Successful House Flipper Knows

The Successful House Flipper Knows How to Find Great Properties

House flippers who succeed don’t even try to compete with owner occupant buyers – that’s not where the deals are. They focus on off-market properties. They work with wholesalers or have their own deal finding strategies.

The Successful House Flipper Has or Can Get Resources

Flippers need money for acquisition, renovation and holding costs. The successful house flipper knows where to find funding, how to budget and how to do it again and again.

Watch Really Flip Now

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The Successful House Flipper Can Estimate Costs and Profits

Flippers who succeed know the formulas, can estimate cost of renovations and accurately project profits on flip projects. They also know what to renovate to what level for their target end buyer and the market.

The Successful House Flipper Has a Great Team

Even if you’re a DIYer, there are some aspects of the flip that will be hired out. A successful flipper has relationships with quality contractors, legal pros and real estate brokers among others. Relationships matter and help get the job done on time and on budget.

The Successful House Flipper Knows the Market

A profitable flip means that the flipper knows how to “buy right.” They know their market. They know what sells; they know what to renovate to attract the buyers and they know how to remarket the property for resale.

The Successful House Flipper Sells Properties Quickly

When all of the above come together, a successful house flipper sells properties quickly and with few hiccups at closing.

No one is born a successful house flipper – all of these attributes are learned and refined over time. One of the most effective ways to learn house flipping is at your local REIA – or through working with a successful flipper to learn how they ply their trade.

Reality check: It’s not as easy as it looks. People make money flipping houses every day, but the secrets to success start with really knowing what you’re doing. – US News & World Report

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